Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Vyavasayik Sahakari Bank Maryadit, Raipur by order dated January 04, 2021. RBI said the penalty was for non-compliance with its directions on opening of On-site ATM and Know Your Customer (KYC), based on inspection findings and after considering the bank's reply to the show-cause notice. The action was taken under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.